Just Finished Reading: Capitalism – A Very Short Introduction by James Fulcher



Capitalism has been around for quite some time. Back in the 17th century the merchants who sent ships half way around the world to bring back spices gained their capital from investors who took a great risk for the possibility of great profit. The more anarchic style of capitalism that Marx in particular heavily criticised, and some modern day commentators want to bring back, which prevailed in the 18th and 19th centuries inevitable gave raise to opposition and Socialism which resulting in the managed Capitalism of the 20th century. When this hit trouble in the 1970’s it slipped into the present form of market Capitalism we know so well.


This very concise and highly readable book traces the origins of Capitalism and explains its many forms and the historical reasons why it emerged first in England in particular and Europe in general. The author explains how Capitalism adapts itself to the environment and the social history of the countries in which it has taken hold and, using examples from England, Sweden, Japan and the USA, shows how it can be all things to all people. Looking at Capitalism as a global phenomenon, the author considers that it has yet to achieve a truly global character despite the propaganda surrounding the idea. Capitalism certainly has a global reach and a global impact but there are still many places where capitalism has yet to take hold. Finally turning to the ever topical problems of the regular cycle of crisis that capitalism appears to fall in to, the author asserts that crisis and capitalism are part of the same process and that it is difficult to consider capitalism without regular crisis. His overall message in that regard is: Don’t Panic. As there appears to no longer be a credible alternative to the capitalist endeavour, the author found it difficult to conceive of any successor economic philosophy. Capitalism is, it would appear, it and is here to stay – in an ever changing adaptable form, but still recognisably capitalistic. I wasn’t entirely convinced on that point. Capitalism certainly appears to have emerged victorious on the world stage but it has a host of systemic problems that have not really been addressed. Whether any of these problems in isolation or conjunction with others can bring the whole system crashing down I don’t know, but its entirely possible that another system, either as yet to be discovered or simply waiting in the wings for a ‘Mass Extinction’ to open an appropriate niche for it, could replace what he considers irreplaceable.


Easy to read, informative, not uncritical and sometimes funny, this is a good general overview of a system that most of us either live in, aspire to or rage against. As it’s unlikely to fade away in our lifetimes I think it’s a good idea to understand exactly what it’s all about. This is a pretty good place to start.